Mendham NJ Real Estate – Closed Sales for MAY 2012 Mendham Borough

Mendham NJ Real Estate – Closed Sales for MAY 2012 Mendham Borough

 

Closed Sales for MAY are down by 20% as compared to last May. Year-to-Date sales were also down 33% through this same period. Read here to find out the very latest information on your local Mendham NJ Real Estate market!

 

June 19, 2012 – Closed Sales in Mendham Borough NJ decreased by 20% for the month of May as compared to this same period last year (4 sales in May 2012 as compared to 5 in May 2011). Year-to-Date sales were also down through May (33%) as compared to the same period last year (12 sales in 2012 vs 18 sales in 2011). It is worth noting that these numbers have also been in decline for the past four consecutive years.

The short term outlook appears to be encouraging with 8 homes expected to close in June.

Prices are expected to remain at 2002 / 2003 levels and interest rates continue to hover at record low rates. There has rarely been a time where both prices and interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.

There is a certain amount of “pent-up demand” on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.

Look below to see the individual homes that sold in Mendham Borough NJ for the month of MAY in 2012.  Also shown below is a year to year comparison bar graph for homes SOLD in the month of MAY over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through May through the same period.

Mendham Borough NJ Real Estate - Closed Sales for May Bar Graph

A Year to Year Comparison of Homes SOLD in Mendham Borough NJ in MAY 2008 through 2012

Mendham Borough NJ Real Estate - YTD Closed Sales through May 2012 Bar Graph

A Year to Year Comparison of Homes SOLD YTD in Mendham Borough NJ through MAY 2008 to 2012

(Double click on spreadsheet for an enlarged view)

Mendham Borough NJ Real Estate - Detailed List of Closed Sales - May 2012

Detailed List of All Homes SOLD in Mendham Borough NJ for MAY 2012

For similar information on the prior period, please go to:

Mendham Borough NJ Real Estate – Closed Sales First Quarter 2012

Mendham Borough NJ Real Estate – Closed Sales APRIL 2012

 

There are many factors that make up the differences in local real estate markets, even from town to town and especially in a small state such as New Jersey. This is why it is important for both buyers and sellers to obtain the latest “local” market data before they make any real estate decisions.

 

How to find Listings on your own:

 

For listings or information on Mendham NJ or any of the surrounding towns in  Morris County including Morristown, Morris Township, Madison, the Chathams, the Chesters, and Long Valley, the Somerset County towns of Basking RidgeBedminster, Bernardsville, Peapack Gladstone and Far Hills, along with the Hunterdon County towns of Lebanon and Tewksbury Townships, simply use the search tool located on the right side of this page.

All listings are updated throughout the day so be sure to come back often for the most current information.  If you are unable to find what you are looking for using the search function on this website, or you are looking for a home that is unique with specific features, feel free to contact me direct and let me know exactly what they are.  My colleagues and I preview all kinds of properties each week and will be sure to identify just what you are looking for.  In addition, my office often features “exclusive” listings that are not released to the public that might be of interest to you as well.  I will be glad to answer all of your questions and arrange to show you the homes of your choice at a time convenient to your schedule.

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